PMDE vs. APLY

Last updated Jun 25, 2026

PMDE (PGIM S&P 500 Max Buffer ETF - December) and APLY (YieldMax AAPL Option Income Strategy ETF) are both exchange-traded funds - PMDE is a Defined Outcome fund tracking the SPDR S&P 500 ETF Trust (SPY), while APLY is a Options Trading fund actively managed by YieldMax. PMDE is passively managed, while APLY is actively managed. At a 0.40 correlation, their price movements are largely independent. PMDE charges 0.50%/yr vs 0.99%/yr for APLY.

Performance

PMDE vs. APLY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Max Buffer ETF - December (PMDE) and YieldMax AAPL Option Income Strategy ETF (APLY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMDE achieves a 2.41% return, which is significantly lower than APLY's 4.03% return.

PMDE

• 1D: -0.10%
• 1M: 0.04%
• YTD: 2.41%
• 6M: 2.35%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

APLY

• 1D: -0.03%
• 1M: -4.46%
• YTD: 4.03%
• 6M: 3.50%
• 1Y: 31.89%
• 3Y*: 8.86%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

PMDE vs. APLY - Yearly Performance Comparison

	2026 (YTD)	2025
PMDE PGIM S&P 500 Max Buffer ETF - December	2.41%	0.44%
APLY YieldMax AAPL Option Income Strategy ETF	4.03%	-2.09%

Correlation

The correlation between PMDE and APLY is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 1, 2025	0.40

Return for Risk

PMDE vs. APLY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PMDE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

APLY

APLY Risk / Return Rank: 58
APLY Sharpe Ratio Rank: 60
APLY Sortino Ratio Rank: 59
APLY Omega Ratio Rank: 62
APLY Calmar Ratio Rank: 62
APLY Martin Ratio Rank: 45

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PMDE vs. APLY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Max Buffer ETF - December (PMDE) and YieldMax AAPL Option Income Strategy ETF (APLY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	PMDE	APLY	Difference
Sharpe ratio: Return per unit of total volatility	—	1.79	—
Sortino ratio: Return per unit of downside risk	—	2.49	—
Omega ratio: Gain probability vs. loss probability	—	1.34	—
Calmar ratio: Return relative to maximum drawdown	—	2.72	—
Martin ratio: Return relative to average drawdown	—	6.76	—

Drawdowns

PMDE vs. APLY - Drawdown Comparison

The maximum PMDE drawdown since its inception was -1.59%, smaller than the maximum APLY drawdown of -30.41%. Use the drawdown chart below to compare losses from any high point for PMDE and APLY.

Drawdown Indicators

	PMDE	APLY	Difference
Max Drawdown Largest peak-to-trough decline	-1.59%	-30.41%	+28.82%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.76%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-30.41%	—
Current Drawdown Current decline from peak	-0.31%	-5.80%	+5.49%
Average Drawdown Average peak-to-trough decline	-0.25%	-6.88%	+6.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.73%	—

Volatility

Volatility by Period

	PMDE	APLY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.52%	—
Volatility (6M) Calculated over the trailing 6-month period	—	13.49%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.46%	17.96%	-15.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.46%	20.92%	-18.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.46%	20.92%	-18.46%

PMDE vs. APLY - Expense Ratio Comparison

PMDE has a 0.50% expense ratio, which is lower than APLY's 0.99% expense ratio.

Dividends

PMDE vs. APLY - Dividend Comparison

PMDE has not paid dividends to shareholders, while APLY's dividend yield for the trailing twelve months is around 36.55%.

Position	TTM	2025	2024	2023
APLY YieldMax AAPL Option Income Strategy ETF	36.55%	36.38%	24.95%	14.36%
PMDE PGIM S&P 500 Max Buffer ETF - December	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PMDE and APLY in my portfolio?

PMDE and APLY have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PMDE or APLY?

On fees, PMDE is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PMDE or APLY?

PMDE is cheaper with a 0.50% expense ratio, compared with 0.99% for APLY.

Which ETF pays a higher dividend yield, PMDE or APLY?

APLY has the higher dividend yield at 36.55%, compared with 0.00% for PMDE.

What is the main difference between PMDE and APLY?

PMDE is categorized as Defined Outcome, while APLY is Options Trading. They also come from different issuers: PGIM and YieldMax. Their fees differ too: 0.50% for PMDE and 0.99% for APLY.